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Forbes has declared Jeff Bezos who owns 18% of Amazon shares, the third richest person in the world with an estimated fortune of $65.3bn, Reuters reports.

According to Forbes estimates, Mr. Bezos’s fortune is only surpassed by Microsoft founder Bill Gates who is worth $78bn (£59bn), and the $73.1bn (£55bn) fortune of Zara founder Amancio Ortega who rank first and second, respectively.

Bezo’s rise is not unrelated to a 50 per cent rise in the value of Amazon’s shares, recorded in February.

Amazon is an American electronic commerce and cloud computing company with headquarters in Seattle, Washington.

It is the largest internet-based retailer in the United States and the world by total sales and market capitalisation.

Amazon started as an online bookstore but expanded to the sales of DVDs, Blu-rays, CDs, audiobooks, video games, electronics, apparel, furniture, food, toys and jewelry and so much more.

The company also produces consumer electronics like the Amazon Kindle e-readers.

Mr. Bezos, 52, is an American technology entrepreneur and investor. He has played a role in the growth of e-commerce as the founder and CEO of Amazon.com.

He rewrote the rules of commerce as he ushered in a new era in the business. Time Magazine named him Man of the Year in 1999.

Author: Ope Adedeji